股权激励、股权集中度与公司绩效

以2006—2008年公告实施股权激励的公司为样本,将股权激励水平、股权集中度和公司绩效视作内生变量,建立联立方程,运用三阶段最小二乘法分析股权激励水平、股权集中度与公司绩效三者之间的关系。结果表明:(1)股权激励强度与公司股权集中度之间存在双向的影响关系,具体表现为股权激励强度越高,股权集中度越低;反之,股权越集中,则股权激励强度越低。说明二者之间存在着内生性。(2)考虑到内生性的情况下,股权激励对公司绩效并没有显著影响,而公司绩效对股权激励有显著的正向影响,即公司绩效越好的公司越倾向于实施股权激励。(3)股权集中度对公司绩效没有显著的影响,公司绩效与股权集中度之间也不存在显著的相关关系。

Eqity Incentive,Ownership Concentration and Corporate Performance

Taking the listed companies which announced their equity incentive plans between the year 2006 and 2008 as study subject,this paper treats the equity incentive and ownership concentration as endogenous variables,and then establishes the simultaneous equations,using three-stage least squares to analyze the relationship between equity incentive,ownership concentration and corporate performance. The empirical research shows that:(1)Equity incentive and ownership concentration are determined jointly. The proportion of the two is strongly negative. This proves that they are endogenous.(2)Considering the endogenous variable,the equity incentive does not significantly affect the corporate performance. On the contrary,the corporate performance has significant influence on the equity incentive.(3)There is no significant relation between ownership concentration and corporate performance.